Biggest Business Owners Problems..#37
- Adrian Dionisio - business737 owner
- Oct 2, 2021
- 5 min read
Updated: Apr 23, 2024
Most business owners feel overwhelmed, over worked and under valued.
Although they may be excellent at their craft or skill , they often do not understand the architecture required for a thriving and successful enterprise.
They must implement fundamental strategies and processes that are common to every six figure business.
You may be a great chiropractor, accountant or web designer but that does not mean that you automatically know or understand how to create a successful business. Many business owners do not have the architecture required to grow and make more money. Many do not know how to systematise and leverage the exceptional.
Dealing with the inevitable problems and challenges of running a business requires self-discipline, determination, practice and experience. It is not an easy game with many unexpected obstacles. Tension and pressure is part of the game. This is long term game. A successful owner has to be headstrong, focused and be able to correctly manage the multitude of daily activities and tasks.
As a business coach I often start by looking for problems to solve. In the short term solving those problems will have a tremendous impact. Here are the biggest challenges faced by business owners;
Money Management
Cash flow is a problem for many a business. Huge difficulties arise when you don’t efficiently work with your accounts or don’t produce enough revenue from your customers. Running out of money is a small business’s biggest risk. Owners often know what funds are needed day to day but are unclear as to how much revenue is being generated, and the disconnect can be disastrous. A lack of funding or working capital can quickly put a small business out of operation.
Pricing too low
Many business owners miss the mark on pricing products and services. To beat out the competition in highly saturated industries, companies may price a product or service far lower than similar offerings, with the intent to entice new customers. While the strategy is successful in some cases, businesses that end up closing their doors are those that keep the price of a product or service too low for too long. When the costs of production, marketing, and delivery outweigh the revenue generated from new sales, small businesses have little choice but to close down. You can read all about pricing strategies here.
Time management
Time and workflow management is critical for a successful business. Know your priorities, be organized and have self discipline. Find a strategy that works best for you such as reminders, planning, prioritising, alerts, delegating and so on. Track time spent on various tasks and also spent on distractions.
Monitor performance and examine results in order to improve. You can plan the day before it unfolds and examine the results at the ends of the day. In my experience I find it useful to set time limits and to leave a buffer between tasks.
The most successful people in any field turn key tasks into habits, exercise and eat healthily. As important is that they learn to eliminate distractions and say NO when necessary. Time is our most precious resource so use it wisely.
Building trust and credibility
A trustworthy and credible business will have a more desirable client base, more opportunities and generate more revenue. Their good reputation enables them to charge higher premiums because their clients are assured that they are getting better value for their money. A reputable business is a more profitable business. Read about the importance of trust, credibility and reputation here.
Approximately 89% of companies see customer experience as a key factor in driving customer loyalty and retention. When you are customer focused and driven you build customer trust and credibility. This will help retain existing customers and also attract new ones. Here you can read all about the importance of great CEX (Customer Experience).
Social Media
Content marketing is the foundation of social media. Content marketing is a type of marketing that involves creating and sharing content (such as videos, blogs, and social media posts) that does not explicitly promote your business but is intended to stimulate interest in your niche or industry with the primary goal of driving profitable customer actions.
• Helps to build your expert status, authority, recognition, and credibility
• Is more appealing than simple ads because it gives the consumers something valuable
• Increases the market’s trust in your business
• Brings a greater volume of traffic to your site
• Is appropriate at any stage of the Buyer’s Journey,
• Is more readily shared throughout social media channels
• Grows your brand
• Ultimately increases your sales revenue and loyalty to your business.
People don’t want to be sold to. They want to buy. In this age of social media, your job is to first give people excellent content that educates them. Ultimately, social media can help get more sales, have more loyal customers, and save money on advertising.
Increasing Profits
There are many immediate and highly effective tactics to increase profit. Ideally you want quick and efficient processes, with no out-of-pocket expense, that can be easily implemented by any business.
Strategies such as upselling, cross-selling, reactivating former customers, joint ventures, drip campaigns, down selling and increasing pricing can be implemented at no extra cost whatsoever. They are practical and extremely effective. Each one will impact your revenue and profits dramatically. The compounding effect will enhance results. Read here about 18 Strategies to increase profits.
Lead Generation
There are 3 objectives that must be successfully be fulfilled to successfully generate consistent leads. The task is to assure the customer they must do business with you. This is your aim and is the purpose of marketing.
1. Capture Attention
2. Inform & Educate
3. Reduce the risk of buying, assure the customer
Your message should be structured around the above 3 objectives. Unfortunately, the message is the most neglected. It is this strategic element, the message, that makes marketing effective. What you say, and how you say it. This is the most important concept. Many business owners often blame the marketing medium instead of assessing the strategic messaging. This is what makes any and all marketing effective and profitable.
Any true marketing professional will know this. If you are every considering outsourcing your marketing, put them to the test by asking what are their strategic objectives. You now know where their focus should be. Successfully fulfilling these objectives will drive more leads, increase conversions and increase sales. Read about the Secret Marketing Formula here .
Staff Issues
Some of the biggest issues facing business owners revolve around their staff. It's not unusual to hear many business owners ask how to find the best staff, keep and motivate them.
One of the most important but often overlooked areas for the average small-medium sized business owners are the areas of staff training and staff development. Read here about employees and what matters most to them
Comments